Index Trend And Stocks In Action November 20, 2015

The Indian market staged a smart rally on Thursday, by rallying over one and a half per cent and registering biggest single-day percentage gain in nearly two months on the back of fairly dovish US Federal Reserve minutes, which hinted that while policy tightening may be appropriate in the month of December, however, most policymakers stressed on a gradual pace of rate hikes. On the daily chart the nifty index has formed a good base around levels of 7690-7700 and this region will act as a major support zone for the index in the short term. However, if this zone is breached, this may lead to further correction up to levels of 7650 and 7570 in the short term. On the upside the zone of 7860-7875 is a critical resistance and the bulls need to sustain above this region for any further strength.

Dr Reddy Laboratories: Hyderabad-based drug maker Dr Reddy’s has filed a lawsuit in a US court against Anglo-Swedish drug against AstraZeneca alleging material breach of a settlement agreement that had released the company from any liability in connection with generic versions of Nexium, the blockbuster drug used to treat heartburns and gastric ulcers.

Jubilant Foodworks: Jubilant Foodworks which runs Domino’s Pizza and Dunkin’ Donuts fast food restaurant chains in India, Nepal, Sri Lanka and Bangladesh plans to add around 5,000 employees by this fiscal ending March 2016. Most of these new recruits will be to man its 150 new Domino’s Pizza stores and 40 new Dunkin’ Donuts stores in India.

Canara Bank: Canara Bank will raise an additional capital of Rs 2,400 crore by issuing bonds on private placement basis to support its asset growth.

NTPC: The Company plans to raise funds through ‘masala bonds’. The company has appointed five merchant banks for road shows in London, Singapore and Hong Kong starting Monday for its proposed masala bond issue.